Republic of Congo: Republic of Congo: Third Review under the Three-year Arrangement under the Extended Credit Facility, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo

International Monetary Fund

No 2023/271, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Republic of Congo’s Third Review under the Three-Year Arrangement under the Extended Credit Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review. Strengthened economic recovery remains fragile amid moderating oil prices and an uncertain global environment. Some progress has been achieved on structural reforms, but sustained efforts to step up reform implementation in public financial and debt management, governance, and transparency will be critical to attaining higher, more resilient and inclusive growth. Continued energy sector reforms remain particularly essential. Structural reforms continued to advance in some areas, but the program underperformed in several areas. Progresses were achieved in procurement planning, debt reporting, and efforts to increase transparency. However, three out of five performance criteria related to the fiscal position and debt service management were missed, prompting authorities to request waivers for these three criteria and take strong corrective measures.

Keywords: price increase authorities; waivers of nonobservance of performance criteria; fuel price increase; budget projection; increase in the price of gasoline; Arrears; Oil, gas and mining taxes; Fiscal stance; Global (search for similar items in EconPapers)
Pages: 130
Date: 2023-07-24
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